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2003

Gulf investors fund Ferguson property venture
Manchester United manager Sir Alex Ferguson and television presenter Sir David Frost have launched a $1.6bn real estate company, which aims to buy up commercial property across Europe at knock-down prices with the support of Middle Eastern investors, the Scotsman has reported. aAim Capital Finance, has received commitments of more than $1.6bn from unnamed Gulf investors for the project.
Middle East: 1 hour, 37 minutes ago

Kuwait property sees May slowdown
According to a report by the National Bank of Kuwait (NBK), the country's real estate activity fell during May to its second weakest level in five months, with a total of 314 sales transactions which were registered at a value of KD80.1m. NBK has said that the sales volume had fallen 17% from the previous month. However, Kuwait's residential sector had seen moderate growth with the value and number of transactions rising by 3% and 7% respectively. NBK noted the drop in May sales values had resulted largely from a decrease in commercial sales, which saw a 66% decline.
Kuwait: 1 hour, 44 minutes ago

Emaar International shuts Algeria office
Emaar International has shut down its office in Algeria due to the lack of progress on business, the developer has said in a statement. 'Emaar created designs for key developments in the country and the master plans were submitted to the authorities for necessary approval', according to the statement. 'Due to a lack of progress which is beyond the company's control, the office set up to drive these projects forward has now been closed.'
United Arab Emirates: 1 hour, 49 minutes ago

Work begins on Al Marjan Island Phase II
Ras Al Khaimah property developer Rakeen announced it is set to commence Phase II of its infrastructure work on Al Marjan Island. The contract was awarded to Rizzani to complete the works in 18 months, covering Island 3 and Island 4 of Al Marjan at a cost Dhs365m. Al Marjan Island is the first man-made island in the emirate of Ras Al Khaimah.
United Arab Emirates: Saturday, July 04 - 2009 at 11:06

Dubai Investments to reimburse Mirdiff Hills buyers
Dubai Investments Real Estate Company (DIRC), the real estate arm of Dubai Investments, is giving a 100% refund to its investors on the Mirdiff Hills project, which it has put on hold due to unavailability of mortgage financing, Emirates Business has reported. Khaled Kalban, Managing Director and CEO of Dubai Investments has said DIRC would continue with the project should the lending scenario improve in Dubai.
United Arab Emirates: Thursday, July 02 - 2009 at 11:56

KEO to oversee Marsa Zayed
Abu Dhabi-based Al Maabar, the real estate development investment company, has awarded KEO International Consultants a six month Program Management contract to work on Aqaba's $10bn Marsa Zayed development in Jordan. Groundbreaking for the project is scheduled in early 2010 and will cover over 6 million sq.m of built-up area, making it the largest tourism project in Jordan's history.
Jordan: Thursday, July 02 - 2009 at 11:44

Al Mazaya to deliver stage one of The Villa in July
Al Mazaya Holding Company has said that it will start delivering units of its Dhs1bn project 'The Villa', located in Dubailand, to its owners in three stages; stage one plots (104 villas) will be delivered in July, stage two plots (150 villas) in October this year, while stage three plots (446 villas) will be handed over in March 2010.
United Arab Emirates: Wednesday, July 01 - 2009 at 11:24

Emaar may have to raise funds after merger, says analyst
Emaar Properties, which had announced a plan to combine with part of Dubai Holding last week, may have to raise funds if it proceeds with the transaction, according to Nomura Holdings. 'Emaar may have to raise equity, and possibly a lot, to support its private development counterparts because of their combined debt,' Chet Riley, a Dubai-based analyst at Nomura, wrote in a note to clients.
United Arab Emirates: Wednesday, July 01 - 2009 at 11:22

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